OGDCL Shareholders Approve Major $715M Reko Diq Investment

In a significant development for Pakistan’s mining and energy sector, the Oil and Gas Development Company Limited (OGDCL) shareholders have approved a $715 million investment in the Reko Diq copper and gold project. The decision was made during the company’s Extraordinary General Meeting (EOGM), marking a major milestone in the country’s efforts to revive one of the world’s largest undeveloped mining projects.

During the EOGM, OGDCL shareholders approved a $715 million equity contribution towards the development of the Reko Diq project, which is being jointly executed by:

• Barrick Gold Corporation (Canada) – Lead operator

• OGDCL – Pakistan’s largest oil and gas exploration company

• Pakistan Petroleum Limited (PPL)

• Government of Balochistan

• Other consortium partners

The funding will support the construction, development, and operational phases of the project, which aims to tap into vast reserves of copper and gold in the Reko Diq region.

The Reko Diq copper and gold project is one of the world’s largest undeveloped mining ventures, with an estimated:

• 12.3 million tons of copper reserves

• 20.9 million ounces of gold

Once operational, the project is expected to:

• Generate billions in export revenues

• Create thousands of direct and indirect jobs

• Boost Pakistan’s foreign exchange reserves

• Strengthen economic activity in Balochistan

• Position Pakistan as a key player in the global copper and gold market

OGDCL’s Managing Director and CEO [Insert Name] expressed optimism about the project:

“The shareholders’ approval of the $715 million contribution reflects OGDCL’s commitment to national economic development. The Reko Diq project will be a game-changer for Pakistan, enabling sustainable growth and creating opportunities for local communities.”

Officials also confirmed that the company is working closely with other stakeholders to ensure environmental sustainability, community development, and responsible resource utilization during project execution.

Experts believe this decision will have far-reaching benefits for Pakistan’s economy:

• Strengthening FDI inflows by attracting global mining investments

• Boosting government revenues through royalties, taxes, and exports

• Enhancing regional development by upgrading infrastructure and utilities

• Improving Pakistan’s trade balance via increased mineral exports

• Accelerating technological advancements in the mining sector

While the project promises significant rewards, experts highlight potential challenges:

• Infrastructure gaps in the region

• Environmental concerns regarding mining activities

• Geopolitical sensitivities in Balochistan

• Efficient revenue-sharing mechanisms among federal and provincial stakeholders

Government and corporate entities have assured that compliance frameworks and safety measures will be strictly followed to ensure transparent and sustainable development.

The approval of a $715 million contribution by OGDCL shareholders marks a historic step toward reviving the Reko Diq project, one of Pakistan’s most significant mining ventures. With vast copper and gold reserves, the project has the potential to reshape Pakistan’s economic landscape, strengthen its global standing, and deliver long-term benefits for the country’s energy and mineral sectors.

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